Cobalt Company News Directory

Global Cobalt Enters Lock Up Agreement with IMHL to Support Spin-Out

Global Cobalt Corp. (TSXV:GCO) entered into a binding agreement with largest shareholder Imperial Mining Holding Limited, for a lock up agreement and spin-out of certain North American mineral exploration projects to SpinCo, a newly incorporated company. However, as a condition of the terms, IMHL and its affiliates agreed to waive their rights to receive common shares, warrants and/or options in SpinCo. Global Cobalt’s Werner Lake property in Ontario and the Iron Creek property in Idaho will be transferred to SpinCo. The Karakul and Altai Sister properties in Altai Republic, Russia will be retained by Global Cobalt.

Formation Metals on Energy & Capital’s “Three Stocks for the Cobalt Bull Market”

Formation Metals Inc. (TSX:FCO) was mentioned in an article on the Energy & Capital entitled, "Three Stocks for the Cobalt Bull Market". The article mentions the current opportunity for growth and diversity in the cobalt market, and that Formation Metals is a company to watch because "its mines aren't in the DRC, which means it will garner a higher price for its cobalt if there is a supply squeeze due to political unrest."

Global Cobalt Settles Debt

Global Cobalt Corp. (TSXV:GCO) announced that it has settled its debt with a creditor whereby the Company has agreed to issue an aggregate of 564,997 common shares at a deemed price of $0.05 per share. The transaction is subject to the approval of the TSX Venture Exchange.

Global Cobalt Performs Strategic Review of Properties and Projects

Global Cobalt Corp. (TSXV:GCO) directors have created an ad hoc committee for the strategic review of its existing properties and projects, business plan, development strategy and capital structure to ensure that shareholder value is protected. The Company is considering strategic and financial alternatives such as a settlement offer with Imperial Mining Holding Limited for the option agreement and loan agreement; an addition to portfolio of cobalt or strategic metals projects; and creating a new company focused on cobalt and other energy related metals. Global Cobalt cautions shareholders that there are no assurances or guarantees that discussions will result in any agreement.

Formation Metals Releases Letter to Shareholders

Formation Metals Inc. (TSX:FCO) provided shareholders with a year-end summary of developments, and plans for moving forward. A Preliminary Economic Assessment (PEA) on the Idaho Cobalt Project in Idaho is expected the the coming weeks, with the company anticipating that, "this report will demonstrate that the ICP has the potential to produce battery grade cobalt chemicals." Formation also reports a healthy cash position and no debt, "we have sufficient working capital to fund planned operations based on our current budget. In addition, the ICP's mine and mill site have been diligently maintained to ensure that the requirements of all the permitting agencies have been met and all necessary permits remain in good standing."